Less than Half of Financial Firms Subject to NY DFS Expect to Meet the Deadline for Compliance

A new report from the Ponemon Institute indicates that less than half of the nearly 600 financial institutions surveyed expect to meet the February 2018 deadline for certification of compliance with all of the cybersecurity rules from NY DFS that are applicable to them. Of those, nearly one-quarter said there was “no chance” they would be able to do so. Notwithstanding these challenges, the DFS has indicated on the FAQ section of its website that it expects covered entities to certify to “full compliance” with the applicable cybersecurity regulations by the deadlines, and that a firm may not submit a certification “unless the Covered Entity is in compliance with all applicable requirements of [the rule] at the time of certification.” We’ll continue to track developments in this area. In the meantime, you can click here to register for the full report.

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Mr. Gesser is a partner in Davis Polk’s Litigation Department. He represents clients in a wide range of cybersecurity issues, including compliance with various cybersecurity regulations, cybersecurity governance issues, cloud migration, data minimization, and cybersecurity risk disclosures. Mr. Gesser also counsels companies who have experienced cyber events by coordinating with experts to conduct investigations; communicating with regulators, law enforcement, insurers and auditors; assessing various federal, state and international regulatory disclosure obligations; and representing the companies in related civil litigation and regulatory investigations. He previously served as the Counsel to the Chief of the Justice Department, Criminal Division’s Fraud Section and as the Deputy Director of the Justice Department, Criminal Division’s Deepwater Horizon Task Force. In addition to his full-time practice, Mr. Gesser is a frequent writer and commentator on cybersecurity issues.

Mr. Leibowitz is a partner in Davis Polk’s Washington DC and New York offices. His practice focuses on the complex antitrust aspects of mergers and acquisitions as well as government and private antitrust investigations and litigation. He also provides counsel in the developing areas of consumer protection and privacy law as well as advocacy involving Congress.

Mr. MacBride is co-chair of the firm’s White Collar Criminal Defense and Government Investigations Group. His practice focuses on government enforcement actions, internal investigations, congressional investigations, and complex civil litigation. His matters have included advising clients in connection with foreign corrupt practices, economic sanctions, cybersecurity risks, False Claims Act violations, market manipulation, insider trading, and securities, health care, procurement and tax fraud. His wide-ranging investigations and trial experience span more than two decades and across all three branches of the government, most recently as the U.S. Attorney for the Eastern District of Virginia.

Mr. Perez-Marques is a partner in Davis Polk’s Litigation Department. His practice spans complex commercial litigation, including securities and M&A-related litigation, as well as securities enforcement and white collar matters. He also has extensive experience advising Spanish, Latin American and other foreign clients concerning U.S. litigation matters, and domestic clients concerning overseas and cross-border disputes.

Ms. Seshens is a partner in Davis Polk’s Litigation Department. Her practice focuses on complex commercial litigation, securities class actions, and bankruptcy litigation. She has extensive experience representing corporate clients and professional firms with respect to a wide range of civil litigation and advisory matters.

Ms. Gross is counsel in Davis Polk’s Intellectual Property and Technology Department in the Northern California office. Her practice includes a wide range of intellectual property-related matters, including strategic alliances, joint ventures and licensing, as well as intellectual property strategy and commercialization, copyright, patent and trademark matters. She also advises clients on data privacy and security matters, including cybersecurity, technology and data initiatives, development of privacy and data security policies and product development.

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